When do you need a tax strategy?
If you are an investor or if you own a business, then you absolutely need a tax strategy now. The tax law is designed to benefit investors and business owners. A tax strategy is designed so you know exactly what you need to do to maximize these benefits.
Many of you are thinking about starting a particular investment strategy or a business and you just aren’t sure if you should do your tax strategy before or after you start your investing or business.
I always recommend getting your tax strategy done before you start your investing or business because then the foundation can be in place and ready for your new venture. Plus, in most cases, it is possible to keep the foundation flexible enough so if your venture takes you in a different direction, your tax strategy can adapt to these changes.
Best of all, by doing your tax strategy before, you can get a jump start on the rules you need to know as an investor or business owner to legally maximize your tax savings. This is one area that most people neglect to focus on early, and by the time they do focus on it, it is a huge project that requires a ton of catch up. In fact, most people in this situation never get caught up. As a result, they aren’t able to maximize their tax savings.